News stories from Friday May 16, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Private talks in Vienna were held by Secretary of State Edmund Muskie and Foreign Minister Andrei Gromyko of the Soviet Union. They were the first high-level talks between the two countries in eight months. An extensive and occasionally blunt discussion of major differences in Soviet-American relations since the Soviet in-tervention in Afghanistan reportedly took place at the three-hour meeting. [New York Times]
- The Coast Guard at Key West was reinforced to discourage further boat departures to Cuba to pick up refugees, and to prevent returning boats from landing along the Florida coast. It has taken 119 boats into custody since Wednesday when President Carter announced that curbs would be placed on the refugee ferries. [New York Times]
- Factory production fell sharply in April. Government figures recorded the largest decline in more than five years, providing more evidence of what economists describe as a substantial recession. [New York Times]
- Elvis Presley's physician was indicted on charges of overprescribing controlled drugs for the singer, who died three years ago. The indictment by a grand jury in Shelby County, Tenn., charges Dr. George Nichopoulos with violating a Tennessee law forbidding anyone to distribute or dispense an illegal amount of controlled drugs. [New York Times]
- Chromosome damage may afflict some residents of the Love Canal area in Niagara Falls, N.Y., where toxic chemicals had been buried, according to evidence gathered by the the Environmental Protection Agency. The agency is scheduled to disclose its findings at a news conference tomorrow. [New York Times]
- The military services were ordered by Defense Secretary Harold Brown to emphasize in the 1982 arms budget the readiness of existing weapons over the procurement of new equipment so they could execute their war plans. The Pentagon said that Mr. Brown is dissatisfied with the number of ships, planes, tanks and other equipment that is ready to be placed in service. [New York Times]
- Used-car salesmen must provide details of a car's condition and performance to a buyer under a new rule tentatively approved by the Federal Trade Commission. [New York Times]
- Uranium export licenses for India were unanimously rejected by the Federal Nuclear Regulatory Commission, rebuffing a State Department recommendation and ignoring a warning that a rejection would be overruled by President Carter. [New York Times]
- A general election in Japan next month was ordered by Prime Minister Masayoshi Ohira following a stunning defeat in Parliament for the governing Liberal Democratic Party which had begun as a ritual motion of no-confidence. The party, which holds 256 of the 510 seats in the lower house, was voted down 247 to 187. [New York Times]
- New York's budget was threatened with the announcement that the federal government was rejecting $345 million in state Medicaid claims. The announcement came from Patricia Roberts Harris, Secretary of Health and Human Services. The state drew $392 million from the government in anticipation that several state claims for Medicaid payments would be federally approved. Mrs. Harris said that her department would deduct up to $120 million a month from the state's social services payments until the government was repaid for funds she contends the state was not entitled to. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 826.88 (+4.35, +0.53%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| May 15, 1980 | 822.53 | 106.99 | 40.91 |
| May 14, 1980 | 819.62 | 106.85 | 40.84 |
| May 13, 1980 | 816.89 | 106.30 | 35.45 |
| May 12, 1980 | 805.20 | 104.78 | 28.21 |
| May 9, 1980 | 805.80 | 104.72 | 30.28 |
| May 8, 1980 | 815.19 | 106.13 | 39.29 |
| May 7, 1980 | 821.25 | 107.18 | 42.59 |
| May 6, 1980 | 816.04 | 106.25 | 40.16 |
| May 5, 1980 | 816.30 | 106.38 | 34.08 |
| May 2, 1980 | 810.92 | 105.58 | 28.14 |